We, at AmplifyTech, are thrilled to help clients manage projects. We know how hard it is to scale and manage growing teams and client bases.
We’ve seen disastrous consequences from companies that did not have control over invoicing, change orders and project costing.
Organizations that win their most significant opportunity and celebrate only to mismanage the project and quickly jeopardize their cash flow, vendor relationships, client success, and reputation are sad (and avoidable!) stories.
Unfortunately, as we grow and are more successful, we can’t just rely on “gut.” The volume and complexity of our client needs, and team outgrow our manual efforts and intuition. Management needs more processes, data, and accountability to see the big picture and anticipate challenges and opportunities.
Acumatica handles project financials through its robust Project Accounting module, which integrates seamlessly with other financial modules:
- Comprehensive ERP Platform – Acumatica is a scalable, cloud-based ERP application that integrates various functions such as accounting, customer management, project management, payroll, and compliance into a single cohesive platform.
- Revenue Recognition – Acumatica supports advanced revenue recognition methods, including the percentage of completion and completed contract methods. This ensures accurate revenue tracking even for complex projects with variable delivery schedules.
- Expense Allocation – The platform allows for detailed expense allocation, enabling you to allocate overhead and shared expenses to individual projects. This includes both billable and non-billable items.
- Budget Management—In real-time, you can compare project costs to original and revised budgets. This helps you monitor project profitability and make necessary adjustments.
- Change Orders and Billing—Acumatica efficiently manages change orders, ensuring that any changes in project scope are reflected in the financials. It also supports time-based billing and other billing methods.
- Comprehensive Reporting – The system provides detailed financial reports, allowing you to track project costs, revenues, and profitability. These reports can be customized to meet specific project requirements.
- Mobile and Real-Time Data Accessibility – Acumatica’s mobile app and open cloud architecture enable real-time project data access from any device, facilitating better communication and collaboration between the office and the job site.
- Customer Relationship Management (CRM) – The built-in CRM automates client communications, strengthens relationships, and opens new opportunities. It also includes service and inventory management modules for efficient job management.
- Cost Efficiency – True cloud technology and unlimited user licensing reduce IT expenditures, increasing profits and access to working capital, which helps grow the business.
- Automated Processes—Acumatica automates change orders and project issues, allowing for real-time communication with field staff, subcontractors, and vendors. This automation helps save time and money.
- Visibility and Control—The platform provides company-wide visibility of costs, budgets, projects, commitments, schedules, and contracts. This allows for tighter project controls and helps identify changes in project scopes, labour, materials, and equipment in real-time.
When AmplifyTech sets clients up on Acumatica, thegrowth is supported by powerful project management tools, comprehensive financials, business intelligence, role-based dashboards, and robust reporting, which help management make more informed decisions and improve project controls
Clients in many industries can benefit from AmplifyTech’s services and software. We’ve seen great results across many industries, such as:
Energy services
– Field services
– Engineering Professional Services
– Engineering Projects
Professional services
– Engineering
– Technology
– Accounting
– Other
Construction
– Real Estate
– Traditional Construction
– Alternative Energy
– Power Generation
When clients’ projects stay on budget and are profitable, they amplify. They are set up to meet strategic growth goals. We love helping our clients access real-time insights and detailed financial tracking.
Sources:
- Project Accounting – Acumatica Cloud ERP. https://www.acumatica.com/media/2019/04/Acumatica_Project-Accounting_Data-Sheet_190401.pdf.
- Project Accounting and Revenue Recognition – Acumatica Cloud ERP. https://www.acumatica.com/blog/technical-tuesday-project-accounting-revenue-recognition/.
- Project Accounting Cloud ERP Software | Acumatica Cloud ERP.
https://www.acumatica.com/cloud-erp-software/project-accounting/.
